Exhibit 7.1
Tenaris – Liquid financial assets over total assets
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2018 | 2017 | 2016 | |||||||||
| Cash and cash equivalents | 428,361 | 330,221 | 399,737 | |||||||||
| Other current investments | 487,734 | 1,192,306 | 1,633,142 | |||||||||
| Bonds and other fixed income | 113,829 | 123,498 | 248,049 | |||||||||
| Liquid financial assets | 1,029,924 | 1,646,025 | 2,280,928 | |||||||||
| Total assets | 14,251,299 | 14,398,218 | 14,003,275 | |||||||||
| Ratio | 7 | % | 11 | % | 16 | % | ||||||
Tenaris – Total Liabilities to Total Assets Ratio
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2018 | 2017 | 2016 | |||||||||
| Total liabilities | 2,375,807 | 2,817,248 | 2,590,203 | |||||||||
| Total assets | 14,251,299 | 14,398,218 | 14,003,275 | |||||||||
| Ratio | 0.17 | 0.20 | 0.18 | |||||||||
Tenaris – Current borrowings to total borrowings
| At December 31, | ||||||||||||
| Millions of U.S. dollars | 2018 | 2017 | 2016 | |||||||||
| Current borrowings | 509,820 | 931,214 | 808,694 | |||||||||
| Total borrowings | 539,007 | 965,859 | 840,236 | |||||||||
| Ratio | 0.95 | 0.96 | 0.96 | |||||||||
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